Faris Lee Investments arranged four sales totaling $8.2 million in Moreno Valley, Calif. The sellers were Iris Partners LLC and Maple Leaf Group LLC and the buyer was Schlosser Properties, Co. Colliers International represented the buyer.
Wrightwood Capital announced the closing of the High Yield Partners II Fund with $243 million in commitments.
Simon Property Group completed a $97.5 million mortgage financing for Woodland Hills Mall in Tulsa, Okla. The The interest rate on the 10-year loan is 7.79 percent. The company also completed a $100 million mortgage financing for Penn Square Mall in Oklahoma City, Okla. The interest rate on the 7-year loan is 7.75 percent.
Phillips Edison & Co. completed a $118 million secured revolving credit facility. Banc of America Securities is the lead arranger and Bank of America, N.A. is the administrative agent. The credit facility is secured by 22 properties and has a term of three years with two one-year extension options.
Kimco Realty Corp. Group obtained $212 million in secured debt commitments. These commitments were sourced from five different lenders for the financing of six individual properties. These loans are expected to have maturities ranging from three to 15 years with interest rates ranging from 5.95 percent to 7.63 percent.
Centro Property Group sold the 252,096-sq.-ft. Enfield Commons in Enfield, Conn., to Paramount Realty Services for $24 million, or $95 per sq. ft. Cushman & Wakefield of Massachusetts, Inc. represented Centro. Cushman & Wakefield Capital Markets Group procured the buyer.
Day Creek Investors, LLC sold the 25,002-sq.-ft. Day Creek Village in Rancho Cucamonga, Calif., to Towne Park Plaza L.P. for $11 million. Faris Lee Investments represented the seller. Marcus & Millichap represented the buyer. The sales price of $11 million represents $440 per sq. ft. and a cap rate of 7.59 percent.
Equity International sold 2.75 million shares of Brazilian mall owner BR Malls. The company did not specify how much it received, but based on BR Mall's share price, the deal would have been about $15 million.
Marcus & Millichap Real Estate Investment Services arranged the sale of the 35,653-sq.-ft. Goodnoe's Corner retail and apartment development in Newtown, Calif., for $14.9 million. The price equates to $417 per sq. ft. The firm represented the seller, a local developer, and the Philadelphia-based buyer.
The Dallas office of Holliday Fenoglio Fowler arranged $9.2 million in financing for Inland Western REIT for Block 22 of the 35,436-sq.-ft. Southlake Town Square in Southlake, Texas. The loan is a two-year, fixed-rate loan arranged through American Bank of Texas.
Macerich Co. received a commitment for a $205 million refinancing of North Bridge Center in Chicago. The loan term is seven years at a fixed interest rate of 7.5 percent and is expected to close in June 2009. The company also closed on a $241 million in other financings on several properties.
DRB Shops, LLC sold the 122,540-square-foot Shops at Lake Forest in Lake Forest, Calif., to George Holdings Lake Forest LLC for an undisclosed price. Parker & Associates, Inc. represented the seller and Parker Commercial Brokerage Co. represented the buyer.
Irvine, Calif.-based Faris Lee Investments completed the sale of a 24,250-sq.-ft. portion of Trabuco Hills Shopping Center for $14.4 million in Mission Viejo, Calif. Faris Lee represented the seller.
Chino Hills, Calif-based Oh Family Trust bought the 8,116-sq.-ft. Home Place strip center in Santa Ana, Calif., for $4.3 million from HPSC II LLC, an entity of Red Mountain Retail Group from Santa Ana, Calif. Coldwell Banker Best Realty represented the buyer. Hanley Investment Group Real Estate Advisors represented the seller. The purchase price works out to $532 per sq. ft.
Beverly Hills, Calif.-based StarPoint Commercial Properties purchased the 182,000-sq.-ft. retail and office Tower Complex in Fort Worth, Texas, from Chicago-based TLC Green Property Associates. StarPoint represented itself in the transaction. Cushman & Wakefield of Texas, Inc. represented TLC Green.
Michaelian & Michaelian LP bought a 13,680 sq.-ft. Walgreen's in Long Beach, Calif. for $6.9 million from Cherry Market Rx Corp. The deal works out to $500 per sq. ft. and a cap rate of 7.0 percent. Colliers International represented the buyer and Marcus & Millichap represented the seller.
Arroyo & Coates acted as the sole advisor in the disposition of the 59,082-sq.-ft. Arden Howe Plaza in Sacramento, Calif. The property was bought and sold by undisclosed private investors for $11.1 million.
Midlothian Plaza Associates, LLC has purchased a 146,305-square-foot retail center in Richmond, Va., from Allied Capital REIT, Inc. for $7 million. Thalhimer/Cushman & Wakefield Alliance represented both parties in the transaction.
Colliers International represented the buyer in a 1031 exchange sale of Burbank Airport Center in Burbank, Calif. The property sold for $4.3 million works out to approximately $725 per square foot and a cap rate of 5.8 percent. The buyer was a private capital investor, Lin Revocable Family Trust. The seller, Zelman A-1 LLC, was represented by Studley.
Point Five Development Catskill, LLC sold a 14,550-square-foot Walgreens in Catskill, N.Y. to an unnamed individual investor for an undisclosed price. Stan Johnson Co. represented the seller and Coldwell Banker Commercial Prime Properties represented the buyer.
WP Realty sold the 260,981-square-foot South Brunswick Square in South Brunswick, NJ. WP bought the center in 2003 when it was 89 percent occupied and sold it 100 percent occupied after it renovated the center.
BMill, LCC sold a 14,820-square-foot single-tenant net-leased retail building in Tempe, Ariz., to Three Ochs, LLC for $7.9 million. Marcus & Millichap represented both parties in the transaction.
Stan Johnson Co. represented both parties in the sale of a 11,945-square-foot free-standing CVS Pharmacy in Bogalusa, La, from an unnamed developer to a privately-held REIT for $4.2 million.
The Zall Co. and First Properties Inc. represented CVS Caremark on a $2.6 million sale of a former 27,634-square-foot Longs Drugs building in Colorado Springs to an investment group of Golden Property, LLC and 15-16 Realty Corp. First Properties Inc. represented the buyers.